Friday Trading 10/07/05

Looks like we are hung up around the 1196 area on the S&P.I had a decent trade in NEW short at 35.03 covered at 34.85,I missed the better entry at 34.16 unfortunately.I would watch the 34.50 area on NEW for any continuation of the weekly head and shoulders pattern,this level is critical and if it breaks this stock could offer a few more points to the downside.Looks like they're trying to support it for now with supposedly good news out today.I don't see much movement today,I think most of NY is on edge due to the terror alerts.A is pretty much stuck in a small channel for now,so no trades there.I will be watching for any improving volume at or above average daily volume,otherwise no trades to speak of.I might just call it a day and go out and enjoy the coldfront coming through Houston today,what a relief.Good trading!